Research Industry

Overview of the sector

Marketing research is a systematic problem analysis, model building and fact finding for the
purpose of improved decision-making and control in the marketing of goods and services. In
simple words, it answers where, when and how? The market research industry was
established in 1920’s and formal practice started in 1930’s. According to Statista, the global
revenue of the market research industry exceeded 23 billion U.S. dollars in 2020. North
America (45%) and Europe (35%) are dominating the market research industry in terms of
market share and revenue. Rising market players and rapidly increasing business and new
start-ups, the industry expected to grow at a rapid-pace in the future.

Market research industry has shown steady growth in the 21th century. Market research
companies collect, analyse, store, tabulate, and then present the data on public and marketing
requirements, even SEO and lead management are now crucial aspects of this sector. There
are approx. 5,400 market research companies offering market research consulting and
services globally.

Contribution of the sector towards GDP

Emergence of new age sectors like Telecom, Media (Digital) & Insurance are helping the
Market Research Industry to climb to new heights. Market Research contribute ~1.3 to 1.5%
to GDP. The government spends 0.6-0.7% in market research industry.

Major players

2 Nielsen (USD 6.30 Billion)

3 Kantar (USD 3.84 Billion)

4 QuintilesIMS (USD 3.30 Billion)

5 Ipsos (USD 1.96 Billion)

6 Gfk (USD 1.67 Billion)

7 Optum

8 Tableau Software

9 Verisk Analytics

10 Video Research Ltd.

11 Westat Inc.